Brent oil price rises over $80
The price of Brent crude oil jumped Tuesday above $80 for the first time in almost three years on expectations for surging demand and concerns about supplies as the world slowly emerges from the pandemic crisis.
Brent crude futures gained 55 cents, or 0.7%, to $80.08 a barrel at 0510 GMT, after reaching its highest since October 2018 at $80.35 earlier in the session. It surged 1.8% on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 57 cents, or 0.8%, to $76.02 a barrel, hitting its highest since July 6. It jumped 2% the previous day.
The advance comes even as the global economic recovery shows signs of slowing owing to supply chain issues and concerns about the Delta Covid variant that is leading to a spike in infections in several countries, AFP reported.
Prices have rocketed from the dark days of early last year, when lockdowns around the world hammered demand and saw the price of Brent sink to as low as $16 and WTI drop into negative territory.